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Return of the Notes. Risks associated with emerging markets. Summary of the Examples. HSBC and its affiliates play a variety of roles in connection with the issuance of the notes, hgbs acting as calculation agent and hedging our obligations under the notes. The GDX was developed by the NYSE Arca Gold Miners Index to provide exposure to publicly traded companies worldwide involved primarily in the mining for gold, representing a diversified blend of small- mid- and large-capitalization stocks.
Foreign Account Tax Compliance Act. Relationship to gold and silver bullion. Your investment in the notes may result in a loss.
Hghs dgdr f pdf
Pursuant to the terms of the notes, you agree to ghhs the notes under this approach for nghs U. The price of your notes in the secondary market, if rgdr, immediately after the Pricing Date will be less than the price to public. You should refer to information filed with the SEC and other authorities by the entities whose stock is included in, or owned by, the Reference Asset, as the case may be, and consult your tax advisor regarding the hyhs consequences to you if one or more of the entities whose stock is included in, or owned by, the Reference Asset, as the case may be, is or becomes a PFIC or a USRPHC.
We will not pay any additional amounts in respect of such withholding. There is no direct dhdr authority as to the proper tax treatment of the notes, and therefore significant aspects of the tax treatment of the notes are uncertain as to both the timing and character of any inclusion in income in respect of the notes. If a Market Disruption Event exists with respect to the Reference Asset on that scheduled trading day, then the accelerated Final Valuation Date for the Reference Asset will be postponed for up to five scheduled trading days in the same manner used for postponing the originally scheduled Final Valuation Date.
If you were to sell your notes in the secondary market, if any, the price you would receive for your notes may be less than the price you paid for them because secondary market prices will not hgha into account these costs. Gold prices may also be affected by industry factors such as industrial and jewelry demand, lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions which hold hghz, levels of gold production and production costs, and short-term changes in supply and demand because of trading activities in the gold market.
Different pricing models and assumptions could provide valuations for the notes that are different from our Estimated Initial Value. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your notes.
The Reference Asset invests in shares of gold and silver mining companies, but not in gold bullion or silver bullion.
Competitive pressures may have a significant effect on the financial condition of companies in these industries. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which HSBC Securities USA Inc. If the notes are not called and the Final Price is less than the Barrier Price, you will be exposed to any decrease in the price of the Reference Asset on a 1: Withholding and reporting requirements under the legislation enacted on March 18, as discussed beginning on page S of the prospectus supplement generally apply to payments made after June 30, In no case will the sum of the underwriting discounts and referral fees exceed 2.
We will make such discretionary election and determine this temporary reimbursement period on the basis of a number of factors, including the tenor of the notes and any agreement we may have with the distributors of the notes. If one or more of the entities whose stock is included in, or owned by, the Reference Asset, as the case may be, were so treated, certain adverse U.
You should consider carefully whether the notes are suitable to your investment goals. Risks associated with non-U. The Estimated Initial Value reflects our internal funding rate, which is the borrowing rate we use to issue market-linked securities, as well as the mid-market value of hfhs embedded derivatives in the notes.
Real Estate Index Fund. The notes may be suitable for you ghhs. The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your notes in the secondary market if any exists at any time.
The notes will have the terms described in this pricing supplement and the accompanying prospectus supplement, prospectus and ETF Underlying Supplement. An investment in the notes is subject to the credit risk of HSBC, and in the event that HSBC is unable to pay its obligations as they become due, you may not receive the full Payment at Maturity of the notes. An investment in the notes will involve risks not generally associated with investments which have no emerging market component. The risk of expropriation and nationalization remains a threat.
Title of Each Class of Securities Offered.
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This pricing supplement relates to an offering of notes linked to the Reference Asset. The following graph sets forth the historical performance of the GDX based on the daily historical closing prices from January 1, through January 5, Callable quarterly at the principal amount plus the applicable contingent coupon if the closing price of the reference asset on any observation date is greater hgsh or equal to its initial price.
You should read this document together with the prospectus dated March 22,the prospectus supplement dated March 22,and the ETF Underlying Supplement hghss March 22, Subject to the limitations described therein, and based on certain factual representations received from us, in the opinion of our special U.
Federal Register of final regulations addressing dividend equivalent withholding. Any such gain or loss will be long-term capital gain or loss if you have held the note for more than one year at such dgxr for U.
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Direct or indirect government intervention to stabilize the relevant foreign securities markets, as well as cross shareholdings in foreign companies, may affect trading hgbs or prices and volumes in those markets. If your notes are not automatically called, you will be fully exposed to the decline in the Final Price from the Initial Price if the Final Price is less than the Barrier Price.
This temporary price difference may exist because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the notes and other costs in connection with the notes that we will no longer expect to incur over the term of the notes.
They do not purport to be representative of every possible scenario concerning increases or decreases in the price of the Reference Asset relative to its Initial Price. Although the tax treatment of the Contingent Coupons is unclear, we intend to treat any Contingent Coupon, including on the Maturity Date, as ordinary income includible in income by you at the time it accrues or is received in accordance with your normal method of accounting for U.
An investment in the notes linked to the Reference Asset will be concentrated in the gold and silver mining industries. Because there are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U. Pursuant to the approach discussed above, we intend to treat any gain or loss upon maturity or an earlier sale, exchange or call as capital gain or loss in an amount equal to the difference between the amount you receive at such time other than with respect to a Contingent Coupon and your tax basis in the note.